1000 Day Plan for 1 trillion Dollar Digital Economy

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GS 3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Recently, Ministry of Electronics and IT (MeitY) has framed a 1,000-day agenda, to make India a $1 trillion digital economy over the next few years.

The plan focuses on how to expand the digital economy piece.
As per the new agenda, the aim is to make laws governing the tech, social media and cyberspace “simple and world-class.”
High-tech areas and developing skills: The areas identified include AI, Cyber Security, Super Computing, Semiconductors, Blockchain and Quantum Computing.
Skills and talent development: There has been a surge in the need for talent post-Covid-19 since the digitalisation efforts of companies have gone up.
Employment: The plan aims to create 1 crore skilled IT manpower in 3 years.
Semiconductors manufacturers and high value-added products: The current global shortage of chips has built a strong case for India to fast-track its own semiconductor manufacturing plans.

The digital economy refers to a broad range of economic activities that use digitized information and knowledge as key factors of production.
The internet, cloud computing, big data, fintech, and other new digital technologies are used to collect, store, analyze, and share information digitally and transform social interactions.
The digital economy has the potential to radically change the social environment and economic activities of the world.
It is already experiencing high growth, rapid innovation, and broad application to other economic sectors.

The digitization of the economy creates benefits and efficiencies as digital technologies drive innovation and fuel job opportunities and economic growth.
The digital economy also permeates all aspects of society, influencing the way people interact and bringing about broad sociological changes.
Financial technologies have also given rise to new ways of delivering financial services thus promoting financial inclusion in many developing countries.
Digitized, networked, and intelligent information and communications technologies (ICTs) enable modern economic activities to be more flexible, agile, and smart.

Despite the vast opportunities presented by the digital economy, the developing countries have not yet fully realized the potential of harnessing digital technology for sustainable development, due to factors like
- poor ICT infrastructure,
- inadequate skills development,
- and socioeconomic barriers